ORS 74A.2010
Security procedure


(1)

“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:

(a)

Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or

(b)

Detecting error in the transmission or the content of the payment order or communication.

(2)

A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. [1991 c.442 §9]

Source: Section 74A.2010 — Security procedure, https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html.

74A.1010
Short title
74A.1020
Subject matter
74A.1030
Payment order
74A.1040
Funds transfer
74A.1050
Other definitions
74A.1060
Time payment order is received
74A.1070
Federal Reserve regulations and operating circulars
74A.1080
Exclusion of consumer transactions covered by federal law
74A.2010
Security procedure
74A.2020
Authorized and verified payment orders
74A.2030
Unenforceability of certain verified payment orders
74A.2040
Refund of payment and duty of customer to report with respect to unauthorized payment order
74A.2050
Erroneous payment orders
74A.2060
Transmission of payment order through funds transfer or other communication system
74A.2070
Misdescription of beneficiary
74A.2080
Misdescription of intermediary bank or beneficiary’s bank
74A.2090
Acceptance of payment order
74A.2100
Rejection of payment order
74A.2110
Cancellation and amendment of payment order
74A.2120
Liability and duty of receiving bank regarding unaccepted payment order
74A.3010
Execution and execution date
74A.3020
Obligations of receiving bank in execution of payment order
74A.3030
Erroneous execution of payment order
74A.3040
Duty of sender to report erroneously executed payment order
74A.3050
Liability for late or improper execution or failure to execute payment order
74A.4010
Payment date
74A.4020
Obligation of sender to pay receiving bank
74A.4030
Payment by sender to receiving bank
74A.4040
Obligation of beneficiary’s bank to pay and give notice to beneficiary
74A.4050
Payment by beneficiary’s bank to beneficiary
74A.4060
Payment by originator to beneficiary
74A.5010
Variation by agreement and effect of funds-transfer system rule
74A.5020
Creditor process served on receiving bank
74A.5030
Injunction or restraining order with respect to funds transfer
74A.5040
Order in which items and payment orders may be charged to account
74A.5050
Preclusion of objection to debit of customer’s account
74A.5060
Rate of interest
74A.5070
Choice of law
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